N-Q 1 ast_avidson-nq.htm QUARTERLY NOTICE OF PORTFOLIO HOLDINGS
As filed with the Securities and Exchange Commission on May 17, 2018


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
 Washington, D.C. 20549


 
FORM N-Q
 
 
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT
INVESTMENT COMPANY
 




Investment Company Act file number  811-07959



Advisors Series Trust
 (Exact name of registrant as specified in charter)



615 East Michigan Street
Milwaukee, WI 53202
 (Address of principal executive offices) (Zip code)


Douglas G. Hess, President/ Chief Executive Officer
Advisors Series Trust
c/o U.S. Bancorp Fund Services, LLC
777 East Wisconsin Avenue, 5th Floor
Milwaukee, WI 53202


 (Name and address of agent for service)


(414) 765-6872
Registrant's telephone number, including area code



Date of fiscal year end: June 30, 2018



Date of reporting period:  March 31, 2018
 
Item 1. Schedules of Investments.
 
Davidson Multi-Cap Equity Fund
  
Schedule of Investments
  
March 31, 2018 (Unaudited)
  
           
Shares
  
COMMON STOCKS - 92.28%
  
Value
  
   
Aerospace & Defense - 2.78%
      
 
25,190
  
United Technologies Corp.
  
$
3,169,406
  
               
     
Air Freight & Logistics - 2.35%
        
 
11,170
  
Fedex Corp.
    
2,682,029
  
               
     
Banks - 7.24%
        
 
33,840
  
Citigroup, Inc.
    
2,284,200
  
 
17,330
  
First Republic Bank
    
1,604,931
  
 
39,605
  
JPMorgan Chase & Co.
    
4,355,362
  
           
8,244,493
  
     
Beverages - 1.82%
        
 
19,000
  
PepsiCo, Inc.
    
2,073,850
  
               
     
Biotechnology - 6.20%
        
 
13,906
  
Amgen, Inc.
    
2,370,695
  
 
26,655
  
Celgene Corp. (a)
    
2,377,892
  
 
30,610
  
Gilead Sciences, Inc.
    
2,307,688
  
           
7,056,275
  
     
Capital Markets - 4.07%
        
 
38,465
  
Morgan Stanley
    
2,075,571
  
 
25,625
  
State Street Corp.
    
2,555,581
  
           
4,631,152
  
     
Chemicals - 3.79%
        
 
37,483
  
DowDuPont, Inc.
    
2,388,042
  
 
13,380
  
Praxair, Inc.
    
1,930,734
  
           
4,318,776
  
     
Communications Equipment - 3.26%
        
 
86,565
  
Cisco Systems, Inc.
    
3,712,773
  
               
     
Diversified Telecommunication Services - 2.57%
        
 
38,462
  
CenturyLink, Inc.
    
631,931
  
 
67,245
  
Zayo Group Holdings, Inc. (a)
    
2,297,089
  
           
2,929,020
  
     
Electrical Equipment - 2.04%
        
 
29,115
  
Eaton Corp PLC (b)
    
2,326,580
  
               
     
Energy Equipment & Services - 1.48%
        
 
60,915
  
Baker Hughes, Inc.
    
1,691,609
  
               
     
Food & Staples Retailing - 4.09%
        
 
99,470
  
Sprouts Farmers Market, Inc. (a)
    
2,334,561
  
 
26,070
  
Wal-Mart Stores, Inc.
    
2,319,448
  
           
4,654,009
  
     
Health Care Equipment & Supplies - 2.09%
        
 
11,000
  
Becton, Dickinson & Co.
    
2,383,700
  
               
     
Health Care Providers & Services - 4.02%
        
 
26,162
  
Express Scripts Holding Co. (a)
    
1,807,271
  
 
17,140
  
Laboratory Corporation of America Holdings (a)
    
2,772,395
  
           
4,579,666
  
 
     
Health Care Technology - 1.39%
        
 
27,275
  
Cerner Corp. (a)
    
1,581,950
  
               
     
Hotels, Restaurants & Leisure - 2.26%
        
 
44,465
  
Starbucks Corp.
    
2,574,079
  
               
     
Household Products - 1.61%
        
 
36,320
  
Church & Dwight Co., Inc.
    
1,829,075
  
               
     
Industrial Conglomerates - 1.77%
        
 
9,175
  
3M Co.
    
2,014,096
  
               
     
Insurance - 1.99%
        
 
37,125
  
Principal Financial Group, Inc.
    
2,261,284
  
               
     
Internet Software & Services - 3.57%
        
 
3,938
  
Alphabet, Inc. - Class C (a)
    
4,063,189
  
               
     
Life Sciences Tools & Services - 1.61%
        
 
9,225
  
Waters Corp. (a)
    
1,832,546
  
               
     
Machinery - 1.45%
        
 
38,245
  
Flowserve Corp.
    
1,657,156
  
               
     
Media - 3.97%
        
 
95,990
  
Interpublic Group of Cos., Inc.
    
2,210,650
  
 
62,880
  
Twenty-First Century Fox, Inc. - Class A
    
2,307,067
  
           
4,517,717
  
     
Multiline Retail - 1.20%
        
 
28,175
  
Nordstrom, Inc.
    
1,363,952
  
               
     
Multi-Utilities - 2.53%
        
 
25,865
  
Sempra Energy
    
2,876,705
  
               
     
Oil, Gas & Consumable Fuels - 3.93%
        
 
25,979
  
Chevron Corp.
    
2,962,645
  
 
94,165
  
Marathon Oil Corp.
    
1,518,881
  
           
4,481,526
  
     
Professional Services - 1.52%
        
 
54,445
  
Nielsen Holdings PLC (b)
    
1,730,806
  
               
     
Semiconductors & Semiconductor Equipment - 1.52%
        
 
19,280
  
Silicon Laboratories, Inc. (a)
    
1,733,272
  
               
     
Software - 8.92%
        
 
45,995
  
Fortinet, Inc. (a)
    
2,464,412
  
 
11,775
  
Intuit
    
2,041,196
  
 
40,530
  
Microsoft Corp.
    
3,699,173
  
 
24,215
  
Tableau Software, Inc. - Class A (a)
    
1,957,057
  
           
10,161,838
  
     
Technology Hardware, Storage & Peripherals - 3.58%
        
 
24,306
  
Apple, Inc.
    
4,078,061
  
               
     
Textiles, Apparel & Luxury Goods - 1.66%
        
 
65,530
  
Gildan Activewear, Inc. (b)
    
1,893,162
  
     
TOTAL COMMON STOCKS (Cost $69,399,182)
    
105,103,752
  
 
               
     
REITS - 5.00%
        
 
46,080
  
American Campus Communities, Inc.
    
1,779,610
  
 
66,905
  
CubeSmart
    
1,886,721
  
 
96,675
  
Starwood Property Trust, Inc.
    
2,025,341
  
     
TOTAL REITS (Cost $5,721,657)
    
5,691,672
  
               
     
MONEY MARKET FUNDS - 3.47%
        
 
3,952,008
  
Fidelity Institutional Government Portfolio - Class I, 1.49% (c)
    
3,952,008
  
     
TOTAL MONEY MARKET FUNDS (Cost $3,952,008)
    
3,952,008
  
               
     
Total Investments in Securities (Cost ($79,072,847) - 100.75%
    
114,747,432
  
     
Liabilities in Excess of Other Assets - (0.75)%
    
(856,439
)
     
NET ASSETS - 100.00%
  
$
113,890,993
  
 
 
 PLC
 Public Limited Company
    
 
 REIT
 Real Estate Investment Trust
    
 
 (a)
 Non-income producing security.
    
 
 (b)
 U.S. traded security of a foreign issuer.
    
 
 (c)
 Rate shown is the 7-day annualized yield as of March 31, 2018.
    
         
 The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of MSCI,
 Inc. and Standard & Poor Financial Services LLC ("S&P"). GICS is a service mark of MSCI and S&P and has
 been licensed for use by U.S. Bancorp Fund Services, LLC.
    

Davidson Multi-Cap Equity Fund
Notes to the Schedule of Investments
March 31, 2018 (Unaudited)

Note 1 – Securities Valuation
 
The Davidson Multi-Cap Equity Fund's (the "Fund") investments in securities are carried at their fair value. The Fund determines the fair value of its investments and computes its asset value per share as of the close of regular trading on the New York Stock Exchange (4:00 pm EST).
 
Equity securities that are primarily traded on a national securities exchange shall be valued at the last sales price on the exchange on which they are primarily traded on the day of valuation or, if there has been no sale price on such day, at the mean between the bid and asked prices. Securities primarily traded in the NASDAQ Global Market System for which market quotations are readily available shall be valued using the NASDAQ Official Closing Price ("NOCP"). If the NOCP is not available, such securities shall be valued at the last sale price on the day of valuation, or if there has been no sale on such day, at the mean between the bid and asked prices. Over-the-counter securities which are not traded in the NASDAQ Global Market System shall be valued at the most recent sales price. Investments in open-end mutual funds are valued at their net asset value per share. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized in Level 1 of the fair value hierarchy.
 
Short-term debt securities, including those securities having a maturity of 60 days or less, are valued at the evaluated mean between the bid and asked prices.  To the extent the inputs are observable and timely, these securities would be classified in Level 2 of the fair value hierarchy.
 
The Board of Trustees ("Board) has delegated day-to-day valuation issues to a Valuation Committee of the Trust which is comprised of representatives from U.S. Bancorp Fund Services, LLC, the Fund's administrator. The function of the Valuation Committee is to value securities where current and reliable market quotations are not readily available or the closing price does not represent fair value by following procedures approved by the Board. These procedures consider many factors, including the type of security, size of holding, trading volume and news events. All actions taken by the Valuation Committee are subsequently reviewed and ratified by the Board.
 
Depending on the relative significance of the valuation inputs, fair valued securities may be classified in either Level 2 or Level 3 of the fair value hierarchy.
 
The Fund has adopted authoritative fair value accounting standards which establish an authoritative definition of fair value and set out a hierarchy for measuring fair value.  These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion in changes in valuation techniques and related inputs during the period and expanded disclosure of valuation levels for majority security types.  These inputs are summarized in the three broad levels listed below:
 
·
Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.
 
·
Level 2 - Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly.  These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.
 
·
Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund's own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.
 
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.  The following is a summary of the inputs used to value the Fund's securities as of March 31, 2018:
 
 
Level 1
  
Level 2
  
Level 3
  
Total
Common Stocks
              
  Consumer Discretionary
$    10,348,909
  
$               -
  
$               -
  
$    10,348,909
  Consumer Staples
8,556,934
  
-
  
-
  
8,556,934
  Energy
6,173,136
  
-
  
-
  
6,173,136
  Financials
15,136,930
  
-
  
-
  
15,136,930
  Health Care
17,434,137
  
-
  
-
  
17,434,137
  Industrials
13,580,073
  
-
  
-
  
13,580,073
  Information Technology
23,749,132
  
-
  
-
  
23,749,132
  Materials
4,318,776
  
-
  
-
  
4,318,776
  Telecommunication Services
2,929,020
  
-
  
-
  
2,929,020
  Utilities
2,876,705
  
-
  
-
  
2,876,705
Total Common Stocks
105,103,752
  
-
  
-
  
105,103,752
REITs
              
  Financials
2,025,341
  
-
  
-
  
2,025,341
  Real Estate
3,666,331
  
-
  
-
  
3,666,331
Total REITs
5,691,672
  
-
  
-
  
5,691,672
Short-Term Investments
3,952,008
  
-
  
-
  
3,952,008
Total Investments in Securities
$    114,747,432
  
$               -
  
  $             -
  
$    114,747,432


Refer to the Fund's schedule of investments for a detailed break-out of common stocks by industry classification. Transfers between levels are recognized at March 31, 2018, the end of the reporting period. The Fund recognized no transfers between levels. There were no Level 3 securities held in the Fund during the period ended March 31, 2018.
 
 
Item 2. Controls and Procedures.
(a)
The Registrant's President/Chief Executive Office/Principal Executive Officer and Treasurer/Principal Financial Officer have concluded that the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended, (the "1940 Act")) (17 CFR 270.30a-3(c)) are effective as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rule 13a-15(b) or Rule 15d‑15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(d)).

(b)
There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) (17 CFR 270.30a-3(d))  that occurred during the Registrant's last fiscal quarter that has materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.
 
 
Item 3. Exhibits.
 
Separate certifications for each principal executive officer and principal financial officer of the Registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)).  Filed herewith.
 
 
SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


(Registrant)  Advisors Series Trust                                                              

 
By (Signature and Title)*/s/ Douglas G. Hess                                            
                                             Douglas G. Hess, President/Chief Executive
                                             Officer/Principal Executive Officer

Date:                                         05/14/2018                                                        


Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title)* /s/ Douglas G. Hess                                                                
                                              Douglas G. Hess, President/Chief Executive
                                              Officer/Principal Executive Officer

Date                                         05/14/2018                                                        

By (Signature and Title)* /s/ Cheryl L. King                                                                   
                                              Cheryl L. King, Treasurer/ Principal Financial
                                              Officer

Date                                         05/14/2018                                                        

* Print the name and title of each signing officer under his or her signature.